P18-5A Link Back to Chapter 17 (Statement of Cash Flows). Summarized and adapted ver- sions of the financial statements of Pepsi Co. Inc., follow (amounts in millions). Income Statement Year Ended May 31, 19X9 Net sales Cost of goods sold Gross profit... Selling and general expenses Other expense (income). Income before income tax Income tax expense (43.93%). Net income. $20,367

(a)

(b) 9.103 (590) (C) (d)Balance Sheet May 31, 19X9 and 19X8 Assets Current: Cash 19X9 19X8 $

(f) $ 311 Short-term investments Receivables, net.. 92 83 1,704 2,453 Inventories. 899 1.016 Prepaid expenses. (g) 499. Total current assets. (h) 4.362 Long-term assets. 13,378 18.298 Total assets. (1) $22.660 Liabilities Current liabilities Long-term liabilities. Total liabilities. Stockholders' Equity Common stockholders' equity. Total liabilities and equity. $ 3,788 $ 7,914 8,345 (k) 16.259 6.401 (m) $22.660 Ratio data:

a. Current ratio at May 31, 19X9 is 1.1016.

b. Inventory turnover for 19X9 was 8.562. Required

c. Debt ratio at May 31, 19X9 is 0.60794.

d. Increase in cash during 19X9. $653. Complete the financial statements. Start with the income statement and then complete the balance sheet last.